Highlights

• Auravelle Metals said in its quarterly report for the period ended 30 September 2026, released on 29 October.

• The aircore program, in the Gawler Craton, targeted the Sheoak North, Myall and Sauna areas.

• The company said the results are early-stage and shallow, and that they support follow-up drilling at depth.

• Preliminary bottle roll tests on 22 reverse-circulation samples from Sheoak returned average gold recovery of 90.

Auravelle Metals (ASX:AUV) — said in its quarterly report for the period ended 30 September 2026, released on 29 October 2026, that a 34-hole aircore program at its Nuckulla Hill project in South Australia confirmed a gold trend more than 3 kilometres long between the Sheoak and Myall prospects. The company also reported preliminary metallurgical testwork on Sheoak samples, a completed placement and a binding agreement to sell a subsidiary.

Aircore drilling at Nuckulla Hill

The aircore program, in the Gawler Craton, targeted the Sheoak North, Myall and Sauna areas. The best results, reported as four-metre composites, were 10 metres at 1.4 g/t gold from 56 metres to the end of hole in NHAC413 at Sheoak North, and 8 metres at 1.0 g/t gold from 48 metres in NHAC409 at Myall. Gold anomalism above 0.1 g/t appeared in about one-third of holes.

The company said the results are early-stage and shallow, and that they support follow-up drilling at depth. The Sheoak gold system extends at least 600 metres along strike and remains open, . RC drilling at Nuckulla Hill is expected to begin within weeks, targeting priority areas and infill at Sheoak, with one-metre resamples and RC assays to follow.

Metallurgical testing

Preliminary bottle roll tests on 22 reverse-circulation samples from Sheoak returned average gold recovery of 90.5 per cent, in a range of 81 to 97 per cent, after a 24-hour leach. The company indicated that the mineralisation appears amenable to conventional cyanide leaching.

Other projects

At the Skye project in South Australia, maiden soil sampling identified multiple gold anomalies on a kilometre scale. Historical data is being integrated, and a maiden drilling program is planned for 2027. At the Crown project in Western Australia, on tenements acquired from Orange Minerals, site reconnaissance has been completed and results from about 400 soil samples are pending. Those results will guide the next phase of aircore drilling.

Funding, cash and corporate activity

Cash at 30 September 2026 was about A$1.3m (A$1,326,000), with no debt. Operating cash outflow for the quarter was A$712,000. The Appendix 5B estimates a funding runway of 1.9 quarters, which means the company will need to raise further capital; the board said it is confident of doing so.

Early in the quarter Auravelle completed a A$1.5m placement at 0.8 cents per share, issuing 187.5 million shares, with Bell Potter as lead manager. A$205,000 of the total was subscribed by the four directors and is subject to shareholder approval. Investors also received 93.75 million free attaching options with an exercise price of A$0.016, expiring on 14 September 2028, and the lead manager received 15 million options expiring on 14 September 2029.

Auravelle also signed a binding agreement to sell Sipa Exploration Pty Ltd, which holds the Skeleton Rocks project, to Forrestania Resources . The consideration is A$250,000 payable in 681,414 Forrestania shares. The sale remains subject to due diligence, so completion is not certain.

What the numbers mean for the explorer

The drilling results are modest in width and depth, and the company itself describes them as early-stage, but they extend the known footprint of gold anomalism and give it targets for the coming RC campaign. The metallurgical figures, if confirmed on a larger sample set, would be relevant to how any future project might be processed, although no resource, study or development decision has been announced. The placement proceeds are small relative to a year of exploration spending.

Risks and next milestones

The company flagged its limited cash runway and reliance on future capital raising as the main risks. The Skeleton Rocks sale depends on due diligence being completed.

Milestones named in the report include the start of RC drilling at Nuckulla Hill, receipt of one-metre resample and RC assay results, Crown soil sampling results and the annual general meeting at 9:00am WST on 26 November 2026 at BDO Place in Adelaide.